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Recent Accounting Guidance | 6 Months Ended
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Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract] |
Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and associated ASUs related to Topic 842, which requires organizations that lease assets to recognize on their balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance requires that a lessee recognize assets and liabilities for leases, and recognition, presentation and measurement in the financial statements will depend on its classification as a finance or operating lease. In addition, the new guidance requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. Lessor accounting remains largely unchanged from previous U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance issued in 2014 (Topic 606). The company adopted this standard in the first quarter of 2019, which allows for a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial adoption. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statement as its date of initial application. The company has elected to apply the transition requirements at the January 1, 2019 effective date rather than at the beginning of the earliest comparative period presented. This approach allows for a cumulative effect adjustment in the period of adoption, and prior periods are not restated and continue to be reported in accordance with historic accounting under ASC 840 (Leases). In addition, the company has elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, does not require reassessment of prior conclusions related to contracts containing a lease, lease classification, and initial direct lease costs. As an accounting policy election, the company chose to not apply the standard to certain existing land easements, excluded short-term leases (term of 12 months or less) from the balance sheet and will account for nonlease and lease components in a contract as a single component for all asset classes. See Note 16 - Leases, for additional information. The following table summarizes the impact of adoption to the company’s Consolidated Balance Sheet:
(In millions, except per share amounts) | As Reported December 31, 2018 1 | Effect of Adoption of ASU 2016-02 | Updated January 1, 2019
Assets |  |  |
Property, plant and equipment - net of accumulated depreciation | $ | 4,544 |  | $ | 9 |  | $ | 4,553 |
Other assets | $ | 1,932 |  | $ | 546 |  | $ | 2,478 |
Assets of discontinued operations - non-current | $ | 56,545 |  | $ | 461 |  | $ | 57,006 |
Liabilities and Equity |  |  |
Current liabilities |  |  |
Short-term borrowings and finance lease obligations | $ | 2,154 |  | $ | 1 |  | $ | 2,155 |
Accrued and other current liabilities | $ | 4,005 |  | $ | 143 |  | $ | 4,148 |
Liabilities of discontinued operations - current | $ | 3,167 |  | $ | 141 |  | $ | 3,308 |
Long-Term Debt | $ | 5,784 |  | $ | 8 |  | $ | 5,792 |
Other noncurrent obligations | $ | 1,795 |  | $ | 403 |  | $ | 2,198 |
Liabilities of discontinued operations - non-current | $ | 5,484 |  | $ | 320 |  | $ | 5,804 |
1. | Includes adjustments for discontinued operations and common control business combination.
The adoption of the new guidance did not have a material impact on the company's Consolidated Statement of Operations and had no impact on the Consolidated Statement of Cash Flows. Accounting Guidance Issued But Not Adopted as of June 30, 2019 In June 2016, the FASB issued ASU 2016-13, Financial Instruments (Topic 326): Credit Losses - Measurement of Credit Losses on Financial Statements, which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The amortized cost basis of financial assets should be reduced by expected credit losses to present the net carrying value in the financial statements at the amount expected to be collected. The measurement of expected credit losses is based on past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets. Additionally, credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years beginning January 1, 2019. In April and May 2019, the FASB subsequently issued ASU 2019-04 and ASU 2019-05, respectively, which contained updates to ASU 2016-13. The company is currently evaluating the impact of adopting this guidance.

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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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